.jpg){kind=avatar}
.jpg){kind=avatar}
Binance founder Zao Chanpeng is being sued in Hong Kong court by Sequoia who claims he violated their exclusivity agreement when Zao sought more attractive equity funding after Sequoia was set to invest for 11% ownership at a valuation of $80m. Binance is now conservatively valued at ~$3bn adn the company earned $200m in its second quarter of existence.
Zhao has previously told Bloomberg News that Binance doesn’t need outside money and that he’s only interested in partnering with VC firms if they can help the exchange work with regulators to secure operating licenses. He has said Binance is conservatively valued at about $3 billion and that the company earned $200 million in its second quarter of existence, while declining to share the exchange’s financial statements or provide proof of his personal wealth. Zhao keeps the locations of Binance’s offices and servers secret, though he has previously said that the exchange is based in Hong Kong. Last month, Zhao announced that Binance was setting up operations on the European island nation of Malta.
unknownx500
